VINELAND – A local food manufacturer is committed to remaining here and substantially expanding its facility and workforce after formally accepting a 10-year financial assistance award from the state.

The company, Allied Speciality Foods Inc., is getting $13.77 million in tax credits over a 10-year period to carry out a plan to relocate and expand. New Jersey calculates the state will see $35.3 million over 20 years.

The company, located on Hickory Place off North Mill Road, has 70 employees. It states it will add 127 jobs in return for the assistance.

Acting Gov. Kim Guadagno on Friday called the proposed expansion part of an “improved economic climate” in New Jersey.

The New Jersey Economic Development Authority approved the tax credits at its Sept. 11 board meeting. The credits, doled out in an annual increments, are a feature of the Grow New Jersey Assistance Program.

The company last week signed a letter to the program stating that it intended to proceed as planned. It had had up to a year after the EDA action to officially accept the aid.

“Allied Foods has been a staple in Vineland for decades and its expansion brings a new infusion of jobs and economic benefits to the region,” Guadagno said.

“We’re excited to have the opportunity to continue our existing dramatic growth through building and employee expansion efforts that are now able to be started,” said Paul Litten, the operating partner.

“There still isn’t much of a story yet in terms of concrete plans,” said Darren Buseman, vice president of Allied Specialty Foods. “We’re pursuing all options that fit best for Allied.”

The background to the award was notice from the company that it needed to expand and that the location was between somewhere in Vineland and in Newark, Del., and that Delaware was the more “cost-effective” choice.

The company certified that it could leave the state by May 2015, given that it would take that long to open a new plant outside the state.

Allied Specialty Foods started in 1956 as Allied Steaks Inc. The name changed in 1999. It produces thin-sliced steak and chicken products for restaurant operators and retail outlets in the United States.

According to the EDA application, the company is looking at purchasing and renovating a 76,500-square-foot facility here. The site is identified as 1585 W. Forest Grove Road.

The company would sell its two current sites and sub-lease its leased space after making the move.